LEADER POST for Wednesday (06/02/13)
1. Supports are at about 5945, 5912 and 5894 while resistances are at about 5970, 5981, 5996, 6007, 6012 and 6125. The previous low level to watch is 5940. Four likely +WWs give about 5970, 6047 (once above 5977), 6064 (once above 6016), 6095 (once above 5987) (other +WWs with higher targets are not mentioned as of now). Two likely -WWs give about 5918 and 5906 and 5820 (other -WWs with much lower targets are not mentioned presently). The target of BD of a wedge and a rising channel mentioned last week are 5940/5840 unless nifty goes up again and remains above 6058. BO of a falling channel can give about 6110 if nifty goes and remains above 5985. However, the bottom of this channel is at about 5928. A small horizontal channel will give 5992/5926 upon BO/B...D.
Nifty closed below the crucial level of 6000 once again and is bearish. The level of 5940 looks certain now. However, if it closes below 5940, next possible levels are about 5895/5828/5762/5680. Nifty may go up only if it closes above 6035 but is bullish only above a weekly close of 6160. The daily candle of nifty spot is a likely morning star while that of nifty fut is also an inverted hammer, a possible reversal sign, which can be confirmed only if nifty opens up with a gap and closes +ve and well above 5987 (say about 6005 or more). I feel that only global clues and/or liquidity can save nifty. Volatility will gradually increase in February.
1. Supports are at about 5945, 5912 and 5894 while resistances are at about 5970, 5981, 5996, 6007, 6012 and 6125. The previous low level to watch is 5940. Four likely +WWs give about 5970, 6047 (once above 5977), 6064 (once above 6016), 6095 (once above 5987) (other +WWs with higher targets are not mentioned as of now). Two likely -WWs give about 5918 and 5906 and 5820 (other -WWs with much lower targets are not mentioned presently). The target of BD of a wedge and a rising channel mentioned last week are 5940/5840 unless nifty goes up again and remains above 6058. BO of a falling channel can give about 6110 if nifty goes and remains above 5985. However, the bottom of this channel is at about 5928. A small horizontal channel will give 5992/5926 upon BO/B...D.
Nifty closed below the crucial level of 6000 once again and is bearish. The level of 5940 looks certain now. However, if it closes below 5940, next possible levels are about 5895/5828/5762/5680. Nifty may go up only if it closes above 6035 but is bullish only above a weekly close of 6160. The daily candle of nifty spot is a likely morning star while that of nifty fut is also an inverted hammer, a possible reversal sign, which can be confirmed only if nifty opens up with a gap and closes +ve and well above 5987 (say about 6005 or more). I feel that only global clues and/or liquidity can save nifty. Volatility will gradually increase in February.
2. PCR at .96 and VIX at 14.61. Pre-open data suggests a +ve nifty after a small gap up open unless nifty goes/remains below 5960.
3. AS PER 9.30 STRATEGY, SELL ABOVE 5970NF, TARGET 5943/27, SL 6000.
4. Target of first +ww was met in open itself.
5. Nifty opened up with a small gap but went down soon thereafter, making a higher high/low than those yesterday and filled the gap before closing -ve but slightly above yesterday's close (nifty fut closed slightly below yesterday's close). Target of first +ww of the first post was met but not that of 9.30 strategy as the total range was only about 37 (nifty fut range was about 27).
The intraday chart of nifty spot values with 5 min candles is shown below.
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